Guest essay: Examine roots of debt rut

12:14 AM,
Jul. 27, 2013

Mark Zupan

Written by

Mark Zupan
Guest essayist

Our local, state, and federal governments' fiscal shortfalls arise from a fundamental Achilles' heel. Every government can be captured by individuals or organizations enriching themselves at the expense of others. Such rent seekers, as economists call them, seek to influence policymakers to produce price controls, tax breaks, subsidies and/or beneficial regulations that help their businesses and bottom lines.

Arguably the most damaging form of capture is self-capture - the hijacking of the political process by government insiders for the purpose of benefiting themselves either ...